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The crisis caused by the coronavirus will have a "severe", "very negative" and "pronounced" impact, warns the Bank of Spain in its Quarterly Report that it has published this Wednesday. But for now, the body led by Pablo Hernández de Cos does not dare to figure out what the effects will be . Therefore, it renounces making its usual medium-term macroeconomic forecasts for the Spanish economy, since, it states, "indicators are not yet available to measure with a minimum of rigor and precision the magnitude and duration of the effects of the crisis".
"The estimation of the impact and duration of this disturbance on the economy is subject to a very high degree of uncertainty . The aggregate consequences on the economy as a whole will depend, among other factors, on the effective degree of fall in production and consumption during the period of confinement of the population, on which it is only possible to make imprecise calculations ", affects the Bank of Spain.
But in any case, the supervisor does affirm that "the magnitude of the impact of the pandemic, including that resulting from the necessary containment measures adopted, on economic activity and employment will be very pronounced in the short term," points out the BdE, adding that "it can be expected" that activity and employment "evolve very negatively in the short term" .
The BdE refers on several occasions to the seriousness of the situation since the damage to the economy will be notable, although it should be, he argues, " a disturbance of a fundamentally transitory nature ." And for this to happen, he argues, it is essential "that the response provided be ambitious, agile and coordinated between the authorities responsible for the different areas of economic policy."
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